Oosten Sponsor Units for Sale in Foreclosure Auction
The remaining sponsor properties at the otherwise swank Oosten in south Williamsburg are heading to a foreclosure auction later this month.
The Oosten today at 429 Kent Avenue. Photo by Susan De Vries
Maybe not everything is so high flying at the Oosten: We were surprised to see that 21 apartments and 68 parking spaces — the total remaining sponsor properties — at the otherwise swank Oosten in south Williamsburg are heading to a foreclosure auction July 25 (bids are due July 21). No estimate of value is given but the apparently delinquent “condominium inventory loan,” dating from 2022, totals $45 million.
Among the goodies are four townhouses, each with their own garage and garden with hot tub.
The international luxury development surrounded on three sides by Hasidic apartment buildings on the waterfront in South Williamsburg was designed by rising Dutch superstar Piet Boon, developed by Beijing-based Xinyuan Real Estate Co.’s U.S. subsidiary XIN Development, and marketed to overseas Chinese.
The glassy building at 429 Kent Avenue occupies the entire block, with a total of 216 units, including 15 townhouses. Ten months after launching sales in Sept of 2014, exactly half of the units — 108 — were in contract or closed, a spokesman for the Oosten told us at the time.
In addition to all sorts of luxury amenities, the building has a central green space, private terraces (some with their own mini pools), and ventilated kitchens for wok cooking. At least one celebrity has called it home.
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- New Details on Luxury Condo Development The Oosten in South Williamsburg
- Facade Going Onto South Williamsburg’s Oosten as Building Hits 50 Percent Sold
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